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Oil-Fired Boiler Market Size
Oil-Fired Boiler Market is expected to grow at robust pace from 2024 to 2032, due to extensive penetration across the residential, commercial, and industrial sectors for the generation of steam and heat. The surge in electricity tariffs along with the rising integration of ecologically clean fuels is driving the demand for effective oil-fired heating units. The shift towards cleaner fuels and renewable energy sources is influencing the development of hybrid oil-fired boilers capable of using multiple fuel types.
According to the U.S. Energy Information Administration, the CO2 emission in the U.S. is predicted to reach 4787 million metric tons in 2024. To that end, condensing oil-fired boilers are estimated to record higher demand with the inclining focus on limiting CO2 emissions across the region. Additionally, the growing need for reliable and highly efficient boilers to offer heating and hot water solutions, mainly across the U.K. will positively influence the market demand outlook.
Oil-Fired Boiler Market Trends
The rising adoption of condensing oil-fired boilers driven by their higher efficiency and lower environmental impacts compared to traditional models is another trend influencing the industry growth. The growing focus on integrating smart technologies into oil-fired boiler systems is enabling remote monitoring, optimization, and predictive maintenance. Significant developments in combustion technology and heat exchanger designs are also improving the overall product efficiency and performance. Rising regulatory initiatives aimed at reducing greenhouse gas emissions and promoting energy efficiency will also fuel the adoption of eco-friendly oil-fired boiler systems.
Oil-Fired Boiler Market Analysis
In terms of application, the demand for industrial oil-fired boilers is anticipated to rise at substantial pace between 2024 and 2032. This can be attributed to the rising demand from various industries requiring reliable and efficient heating solutions. The need for high-temperature processes in industrial settings, such as manufacturing, chemical production, and food processing, is fueling the adoption of oil-fired boilers. The developments in boiler technology, such as improved combustion efficiency and lower emissions will further drive the segment growth.
The healthcare facilities end-use segment is poised to accumulate sizeable share of the oil-fired boiler industry by 2032, owing to the critical need for reliable heating and hot water systems to maintain optimal conditions for patient care and hygiene. The stringent regulatory requirements for temperature control and sterilization in healthcare facilities are necessitating the use of efficient and dependable boiler systems. The surge in government investments for the upgradation and expansion of medical facilities will also escalate the use of oil-fired boilers in healthcare sectors.
Asia Pacific oil-fired boiler market is set to expand at noticeable pace during the analysis timeline. This is owing to the rapid industrialization and urbanization, particularly in emerging economies like China and India. The increasing energy demand coupled with the presence of abundant oil resources is driving the adoption of oil-fired boilers across manufacturing, power generation, and residential heating sectors. The rise in government initiatives to improve energy efficiency and reduce emissions will further drive the regional industry development.
Oil-Fired Boiler Market Share
Leading oil-fired boiler industry players are engaged in various business expansion strategies, such as mergers & acquisitions, partnerships, and new product launches to increase their market share.
Some of the major oil-fired boiler companies are:
- Danfoss
- Clayton
- Certuss
- Viessmann
- Bradford White
- Weil-McLain (SPX Corporation)
- Fulton
- Foster Wheeler
- Babcock & Wilcox
- Andritz
- Forbes Marshall
- Cleaver-Brooks
- Groupe Atlantic Dongfang
- Manley’s
- A.O. Smith
- Thermax (RDA Holdings Private Limited)
Oil-Fired Boiler Industry News:
- In September 2023, Thermogenics, Inc., a company specializing in boiler lifecycle solutions for commercial and industrial boilers, completed the acquisition of Hartford Boiler Repair Works in West Hartford, Connecticut.